Trade Desk Thoughts - Japanese Monetary Policy Meeting Minutes

Release Explanation: The Bank of Japan is releasing their monetary policy meeting minutes. They are a detailed record of the banks interest rate meeting. This can give valuable clues to traders as to what may be coming from the Bank of Japan.

Trade Desk Thoughts: The Bank of Japan has stated that it sees U.S. economic slowdown and market instability as an increased risk to the Japanese economy. The minutes also said that attention needs to be paid to the degree of deceleration in overseas growth as it left the benchmark rate unchanged at 0.5 percent for the twenty first month in a row. A number of members expressed concerns regarding the risks of the nation’s loose monetary policy and that those risks need to be monitored more closely. They are also concerned about the global economic slowdown and what that means for the nation’s exports.

Forex Technical Reaction: The Japanese yen is holding just below the crucial 108.50 area after falling below its 20 day SMA earlier in the day.

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